On Friday, the Managing Director of The Federal Mortgage Bank of Nigeria (FMBN), Madu Hamman, said the bank’s 2024 Management Retreat is aimed at revamping and transforming its operational activities to meet the housing demands in Nigeria.
The retreat was themed “Transformational Innovation for Sustainable Development in Uncertain Times.”
Hamman said the transformation was to rapidly reform and innovate towards meeting Nigeria’s housing shortfall through the delivery of affordable, decent, and quality housing to Nigerians.
According to Hamman, the huge housing deficit in the country, which affects millions of Nigerians, is a serious challenge that requires urgent and innovative solutions.
The Minister of Housing and Urban Development, Ahmed Dangiwa, recently scored the Federal Housing Authority and Federal Mortgage Bank of Nigeria low in their performance in providing houses for all segments of society.
He said, “Housing is a basic human right and a key factor for social and economic development. The FMBN, as the apex mortgage institution in the country, has a critical role to play in addressing this challenge. The FMBN has been providing mortgage finance and facilitating homeownership for low and medium-income earners through its various schemes and products. However, these efforts are not enough to meet the growing demand for shelter and the expectations of the Nigerian people.
“Several constraints include the need to recapitalise the bank, which I am glad to say is currently receiving attention from the minister to recapitalise the bank to the tune of N500bn. Secondly, the CBN single obligor limit on our lending and the bank is resolving this with our regulators.”
He also listed the bank’s ownership structure, which the Federal Government is the single shareholder, the obsolete FMBN, NHF and Land Use Act to be part of its constraints.
He said that the bank had taken transformational innovations to create new value propositions, new business models, new markets, and new solutions that could disrupt the status quo and generate positive social impact.
